Kalve Coffee to begin IPO on November 13

Latvian specialty or premium coffee roasting company AS Kalve Coffee announces that subscription to the company’s shares will commence on November 13. The company is publicly offering in Latvia and Estonia up to 250 000 shares, to be listed and admitted to trading on Nasdaq Riga First North list.

The price of one share will be EUR 6.00, which means that the company plans to raise up to EUR 1.5 million. The subscription period will last from November 13 until November 29 and will take place in Latvia and Estonia.

"With the help of the IPO, we invite everyone to participate directly in shaping the company’s future growth. Our goal is to be transparent and accessible to every coffee enthusiast, whether a retail investor or simply a coffee lover. The raised capital will enable us to expand operations in the Baltics, improve production efficiency, and develop an e-commerce platform,” notes Gatis Zēmanis, co-founder and Chairman of the Board of AS Kalve Coffee.

Management's EBITDA guidance for 2025 is EUR 1.2 million. This is based on a detailed financial model and the assumption of raising EUR 1 million of new funding at the time of the IPO, as well as considering that the company has been profitable every year since its inception. In the first six months of 2024, KALVE has continued its growth momentum, with turnover up 40% and profit up 2.6 times compared to the same period last year.

In accordance with the Information Document of AS Kalve Coffee the offering will consist of a retail offering, open to retail investors in Latvia and Estonia, and an institutional offering, which will be a non-public offering aimed at qualified investors. Current shareholders have entered a lock-up agreement, meaning they have agreed not to sell, transfer, or otherwise dispose of their shares for 18 months.